While many U.S. malls face anchor store closures and empty parking lots, some are finding new life by becoming housing. Real estate developers are building housing inside of or next to shopping malls as department stores like Macy’s, JCPenney and Sears shrink or cease to exist. At least 192 U.S. malls planned to add housing to their footprint as of January 2022. Dozens of apartment projects at malls are underway in California, Colorado, Florida, Arizona and Texas. The trend not only helps to chip away the housing shortage in the U.S., but also brings people closer to the remaining retail and restaurant spaces in shopping centers. CNBC visited a Macerich housing project at Flatiron Crossing Mall in Broomfield, Colorado as well as the Arcade Mall in Providence, Rhode Island to find out what it is like to live inside a mall.
Chapters:
0:00 Introduction
2:13: Chapter 1 – Living in a mall
4:45: Chapter 2 – The new anchor store: housing
6:59: Chapter 3 – Challenges
CREDITS
Produced by: DeLon Thornton
Senior Producer and Camera: Shawn Baldwin
Edited by: Evan Lee Miller
Reporter: Gabrielle Fonrouge
Graphics by: Jason Regniato
Additional Camera: Juliana Broste
Supervising Producer: Jeniece Pettitt
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How Shopping Malls Are Being Transformed Into Apartments In The U.S.